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May 2008

May 2008 » Market Analysis » New York Office Report

May 2008 New York Office Space Graphs and Statistics


NYC Office Space Graphs and Statistics

NEW YORK CLASS A OFFICE VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office Class A 7.02 1.68 8.7 5.4 % 3.14 %
Midtown South Manhattan Office Class A 0.07 0.05 0.12 9.0 % 27.27 %
Downtown Manhattan Office Class A 2.34 1.36 3.71 5.7 % 21.05 %
Total Manhattan Office Class A 9.43 3.09 12.52 5.6 % 8.67 %
NEW YORK CLASS A OFFICE VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office Class A 17.11 4.03 21.14 9.66 % 3.14 %
Midtown South Manhattan Office Class A 0.95 0.16 1.11 7.58 % abc 27.27 %
Downtown Manhattan Office Class A 3.52 1.7 5.22 7.32 % 3.31 %
Total Manhattan Office Class A 21.58 5.89 27.47 % 4.14 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 11.44 million RSF to 12.52 million RSF
  • Total Manhattan Office Market vacancies increased from 21.02 million RSF to 22.31 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 9.9 1.97 11.87 5.0 % 2.27 %
Midtown South Manhattan Office 3.78 0.29 4.07 6.3 % 4.3 %
Downtown Manhattan Office 4.76 1.61 6.37 7.0 % 13.37 %
Total Manhattan Office 18.45 3.87 22.31 5.7 % 5.81 %
NEW YORK TOTAL OFFICE MARKET VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 22.34 4.86 27.2 8.5 % 2.27 %
Midtown South Manhattan Office 6.89 1.02 7.92 8.08 % abc 4.3 %
Downtown Manhattan Office 7.47 2.1 9.57 8.68 % 2.63 %
Total Manhattan Office 36.7 7.98 44.68 % 2.64 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 18.04 million RSF to 18.45 million RSF.
  • Manhattan Office Sublease vacancy increased from 2.98 million RSF to 3.87 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 21.02 million RSF to 22.31 million RSF.
  • Total Midtown Office vacancy increased from 11.6 million RSF to 11.87 million RSF.
  • Total Midtown South Office vacancy increased from 3.9 million RSF to 4.07 million RSF.
  • Total Downtown Office vacancy increased from 5.52 million RSF to 6.37 million RSF.



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